Summary of Skeena Resources Limited Conference Call Company Overview - **Company**: Skeena Resources Limited (NYSE:SKE) - **Industry**: Mining, specifically gold and silver production - **Flagship Asset**: Eskay Creek, a past-producing gold and silver mine in British Columbia Key Points and Arguments 1. **Historical Significance of Eskay Creek**: - Formerly operated by Barrick Gold Corporation until 2008 - Known as the highest-grade open-pit gold mine globally, with an average gold grade of 45 grams per ton and silver grade over 2,000 grams per ton [2][3] 2. **Current Development Status**: - Advancing the Eskay Creek project for about 10 years, now in the construction phase, fully financed for production in 2027 [3][4] - Transitioning from underground to open-pit mining methods [3] 3. **Production and Financial Metrics**: - Targeting 450,000 ounces of gold-equivalent metal per year with a grade profile of 5.5 grams per ton, significantly above the global average [4][12] - Projected after-tax annual free cash flow of approximately $1.1 billion Canadian at current spot prices [4][8] - NPV of the project estimated at $6.1 billion Canadian with an IRR of 86% and a payback period of about 200 days [8] 4. **Strategic Location and Partnerships**: - Located in the Golden Triangle of northwestern British Columbia, an area with significant geological potential [4] - Collaborative relationship with the Tahltan Nation, facilitating project advancement [5] 5. **Regulatory and Environmental Considerations**: - Fast-tracked by the provincial government due to tariffs imposed by the Trump administration, with the project at the top of the list [5] - Expecting to receive the environmental assessment certificate in Q4 2025, which is a key catalyst for share price [6] 6. **Cost Advantages**: - Existing infrastructure includes a fully permitted tailings facility, saving approximately $150 million in capital expenditures [6] - Access to hydroelectric power at $0.06 per kilowatt hour, significantly lower than other Canadian mines [6][7] 7. **Production Profile and Future Plans**: - Initial five years of production will focus on high-grade material, with plans to incorporate the Snip asset to smooth production in later years [9][10][16] - Potential to increase production to over 500,000 ounces by monetizing additional critical minerals like antimony, lead, and zinc [17] 8. **Market Valuation and Shareholder Profile**: - Current market capitalization of approximately $3 billion, with a target of $10 billion based on projected cash flows and EBITDA multiples [9][15] - Institutional ownership at about 65%, with significant interest from mining-focused funds [15] Additional Important Information - The project is positioned to be a leading gold and silver investment vehicle due to its high-grade reserves and substantial byproduct credits from silver [13] - The company is exploring refinancing options for its senior secured loan to optimize capital costs [11] - The production profile is designed to maximize profitability in a cyclical industry by focusing on high-grade ore [12]

Core Points - Skeena Resources Limited has successfully closed a bought deal offering of 5,991,500 common shares at a price of C$24.00 per share, raising gross proceeds of C$143,796,000, including the full exercise of the underwriters' over-allotment option for an additional 781,500 shares [1][4] Group 1: Offering Details - The common shares are offered through a prospectus supplement to the Company's base shelf prospectus in all provinces of Canada, excluding Quebec, and also in the United States [2] - BMO Capital Markets acted as the sole bookrunner for the offering, supported by a syndicate of underwriters including UBS Securities Canada Inc., Raymond James Ltd., RBC Dominion Securities Inc., TD Securities Inc., CIBC World Markets Inc., SCP Resource Finance LP, Agentis Capital Markets, Canaccord Genuity Corp., and Desjardins Securities Inc. [3] Group 2: Use of Proceeds - The proceeds from the sale of common shares will be utilized for the continued advancement of the Eskay Creek gold-silver project and for general corporate purposes [4] Group 3: Company Overview - Skeena is a leading precious metals developer focused on advancing the Eskay Creek Gold-Silver Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally, with significant silver by-product production [5] - The company is committed to sustainable mining practices and aims to foster positive relationships with Indigenous communities while delivering long-term value and sustainable growth for its stakeholders [5]

Core Viewpoint - Skeena Resources Limited has announced a bought deal offering of 5,210,000 common shares at a price of C$24.00 per share, aiming for gross proceeds of approximately C$125,040,000 [1][2]. Group 1: Offering Details - The underwriting agreement is led by BMO Capital Markets, and an over-allotment option allows underwriters to purchase an additional 781,500 shares, potentially increasing total gross proceeds to approximately C$143,796,000 if fully exercised [2]. - The offering will be conducted through a prospectus supplement in Canada (excluding Quebec) and a U.S. prospectus supplement, with the expected closing date around October 8, 2025, pending regulatory approvals [3]. Group 2: Company Overview - Skeena is focused on advancing the Eskay Creek Gold-Silver Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally, with significant silver by-product production [6]. - The company emphasizes sustainable mining practices and aims to build positive relationships with Indigenous communities while delivering long-term value [6].

Core Points - Skeena Resources Limited has entered into an agreement with underwriters to purchase 5,210,000 common shares at C$24.00 per share, raising approximately C$125 million [1][2] - The proceeds will be used for the advancement of the Eskay Creek gold-silver project and general corporate purposes [2] - The offering is expected to close around October 8, 2025, subject to regulatory approvals [3] Financial Details - The offering price is set at C$24.00 per common share, with gross proceeds expected to be approximately C$125 million [1] - The underwriters have an option to purchase an additional 15% of the offering to cover over-allotments [1] - As of September 30, the company has unaudited cash of approximately C$105 million [2] Project Development - The funds will support ongoing construction activities and permitting milestones at the Eskay Creek project [2] - There is an anticipated delay in the permitting process due to a BC government employee strike [2] - Negotiations with the Tahltan Central Government regarding the Impact Benefits Agreement are ongoing [2] Market Impact - The funding represents approximately 4.5% dilution to the company's total market capitalization [3] - The offering will provide flexibility to pursue less expensive financing alternatives compared to existing loan facilities [3] Regulatory Information - The common shares will be offered through a prospectus supplement in Canada and the United States [3] - The offering is subject to customary closing conditions, including approvals from the Toronto Stock Exchange and the New York Stock Exchange [3]

Summary of Skeena Resources Limited Conference Call Company Overview - **Company**: Skeena Resources Limited (NYSE:SKE) - **Flagship Asset**: Eskay Creek, a historically significant underground gold and silver mine previously operated by Barrick Gold Key Points and Arguments 1. **Historical Significance**: Eskay Creek was the highest grade gold mine globally, with an average gold grade of 45 grams per ton and silver at over 2,000 grams per ton before being placed on care and maintenance in February 2008 due to the global financial crisis [2][3] 2. **Current Project Status**: The company has been advancing the Eskay Creek asset since 2017, with a focus on what remains at a cutoff grade of 15 grams per ton [3] 3. **Production Expectations**: Anticipated annual production of approximately 450,000 ounces of gold equivalent metal, with a strong grade profile of 5.5 grams per ton, significantly above the global average [4][5] 4. **Financial Projections**: Expected annual after-tax free cash flow of about $1 billion in the first five years, with an annual EBITDA projected at $1.7 billion [5][12] 5. **Project Valuation**: The net present value (NPV) of the project is estimated at CAD 5.5 billion, with a market capitalization of CAD 3 billion and an internal rate of return (IRR) of 80% [12][21] 6. **Cost Structure**: Co-product cost is approximately $6.87 per ounce, benefiting from a low power cost of 6 cents per kilowatt hour due to nearby hydroelectric facilities [10][19] 7. **Silver Production**: Annual silver production is projected at 9.5 million ounces in the first five years, positioning Eskay Creek as one of the largest primary silver mines globally [18] 8. **Indigenous Relations**: The company has a positive relationship with the Taltan Nation, having secured the first section seven agreement in Canadian history for construction approval [6][7] 9. **Environmental Assessment**: Currently in the environmental assessment application phase, with public engagement concluding on September 26 and a vote on the Impact Benefit Agreement (IBA) expected on October 9 [8] 10. **Financing Structure**: Fully financed with a total package of CAD 1 billion, including a gold stream to fund construction, minimizing dilution with only 115 million shares outstanding [15][16] 11. **Market Comparisons**: Comparisons made with Artemis Gold and Lundin Gold, suggesting a potential market cap of CAD 10 billion as production ramps up [22][23] Additional Important Information - **Geographical Context**: The project is located in Northwest British Columbia's Golden Triangle, an area known for its geological potential [6] - **Future Catalysts**: Anticipated catalysts include securing permits and advancing through construction towards cash flow [9][20] - **Investor Sentiment**: The market has responded positively to the financing package, indicating strong investor interest in the company's future [20][24]

Core Viewpoint - Cora Capital Corp. and Tiger Financial Corporation have entered into a non-binding letter of intent for a reverse takeover, with Cora expected to acquire all issued and outstanding securities of Tiger in exchange for Cora's securities, leading to a public listing on the Canadian Securities Exchange [1][2][4]. Company Overview - Tiger Financial is a fintech and digital banking company focused on providing AI-powered banking, payments, and lending solutions to small businesses in Southeast Asia, particularly Vietnam, with plans to expand into other markets [3]. - The company is led by Ben Aissa, who has over 20 years of experience in building financial technology ventures globally [3]. Transaction Details - The transaction involves Cora acquiring all securities of Tiger, making Tiger a wholly owned subsidiary of Cora, with an anticipated completion date around November 28, 2025 [4][21]. - Upon closing, Tiger shareholders will receive 28,500,000 common shares of Cora, representing 54.7% of the issued shares post-transaction [5][21]. Financing Plans - Cora plans to conduct a private placement financing to raise C$1.15 million by issuing 4,600,000 common shares at C$0.25 each, with Tiger shareholders expected to subscribe for C$150,000 [7]. - A concurrent private placement of 6,600,000 special warrants is also planned, aiming to raise approximately C$3.3 million [10][11]. Conditions and Milestones - The completion of the transaction is contingent upon various conditions, including regulatory approvals and the successful closing of the Bridge Financing and Concurrent Financing [20]. - Tiger shareholders may receive additional shares based on performance milestones, such as expanding operations into new Southeast Asian countries and achieving revenue targets [15][17]. Leadership and Governance - The Resulting Issuer will have a board of directors comprising members from both Cora and Tiger, with Ben Aissa serving as CEO [25][26]. - The leadership team includes experienced professionals with backgrounds in fintech, capital markets, and corporate governance [28][30][31]. Market Position and Strategy - The Resulting Issuer aims to leverage its position in the rapidly growing Southeast Asian market, targeting over 62 million under-banked small businesses [3]. - The strategic focus will be on enhancing its AI-powered digital banking platform and expanding into new markets to accelerate growth [33].

Core Viewpoint - Skeena Resources Limited reports interim financial results for the quarter ended June 30, 2025, highlighting its focus on advancing the Eskay Creek Gold-Silver Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally [1][2]. Company Overview - Skeena is a leading precious metals developer focused on the Eskay Creek Gold-Silver Project located in British Columbia's Golden Triangle [2]. - The company emphasizes sustainable mining practices and aims to maximize the potential of its mineral resources while fostering positive relationships with Indigenous communities [2]. Financial Reporting - The interim financial statements and management's discussion and analysis (MD&A) for the quarter ended June 30, 2025, are available on Skeena's website and regulatory filings [1].

[Condensed Interim Consolidated Financial Statements](index=1&type=section&id=Condensed%20Interim%20Consolidated%20Financial%20Statements) This section presents the Company's financial position, performance, cash flows, and changes in equity for the interim period [Condensed Interim Consolidated Statements of Financial Position](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) Total assets increased to $453,277 thousand by June 30, 2025, primarily due to mineral property and derivative liability growth Consolidated Statements of Financial Position Summary | Metric | June 30, 2025 (CAD thousands) | December 31, 2024 (CAD thousands) | Change (CAD thousands) | % Change | | :-------------------------------- | :-------------------------- | :-------------------------- | :---------------- | :------- | | **ASSETS** | | | | | | Cash and cash equivalents | 94,452 | 96,941 | (2,489) | -2.57% | | Marketable securities | 14,030 | 949 | 13,081 | 1378.40% | | Deposits | 16,447 | 5,083 | 11,364 | 223.56% | | Exploration and evaluation interests | 17,107 | 18,662 | (1,555) | -8.33% | | Mineral property, plant and equipment | 297,077 | 144,220 | 152,857 | 105.99% | | Total assets | 453,277 | 274,391 | 178,886 | 65.19% | | **LIABILITIES** | | | | | | Accounts payable and accrued liabilities | 56,495 | 57,285 | (790) | -1.38% | | Lease liabilities (total) | 42,348 | 13,533 | 28,815 | 212.92% | | Derivative liability | 192,107 | 63,886 | 128,221 | 200.70% | | Total liabilities | 340,661 | 183,778 | 156,883 | 85.37% | | **SHAREHOLDERS' EQUITY** | | | | | | Capital stock | 761,571 | 670,126 | 91,445 | 13.65% | | Deficit | (701,390) | (627,109) | (74,281) | 11.84% | | Total shareholders' equity | 112,616 | 90,613 | 22,003 | 24.28% | | Total liabilities and shareholders' equity | 453,277 | 274,391 | 178,886 | 65.19% | [Condensed Interim Consolidated Statements of Loss and Comprehensive Loss](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) Net loss for the six months ended June 30, 2025, increased to $74,281 thousand, driven by derivative liability and share-based payments Consolidated Statements of Loss and Comprehensive Loss Summary | Metric | Q2 2025 (CAD thousands) | Q2 2024 (CAD thousands) | 6M 2025 (CAD thousands) | 6M 2024 (CAD thousands) | | :--------------------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | | Administrative compensation | 1,819 | 1,223 | 3,462 | 2,497 | | Share-based payments | 7,652 | 744 | 11,848 | 3,745 | | Total General and administration expenses | 13,721 | 5,489 | 22,644 | 12,401 | | Change in fair value of derivative liability | 29,794 | — | 60,004 | — | | Exploration and evaluation | 1,467 | 27,260 | 3,037 | 47,307 | | Flow-through share premium recovery | (4,950) | (386) | (11,416) | (715) | | Gain on sale of exploration and evaluation interests | — | — | (3,216) | — | | Loss (gain) on marketable securities | (3,290) | 459 | (2,000) | 606 | | Loss before income tax | 37,319 | 34,985 | 70,819 | 62,403 | | Deferred tax | (1,286) | — | 3,462 | — | | Loss and comprehensive loss for the period | 36,033 | 34,985 | 74,281 | 62,403 | | Loss per share – basic and diluted | (0.31) | (0.38) | (0.66) | (0.69) | [Condensed Interim Consolidated Statements of Changes in Shareholders' Equity](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Shareholders' equity increased to $112,616 thousand by June 30, 2025, driven by a bought deal offering and share-based payments, offset by period loss Consolidated Statements of Changes in Shareholders' Equity Summary | Metric | 6M 2025 (CAD thousands) | 6M 2024 (CAD thousands) | | :--------------------------------------- | :------------------ | :------------------ | | Balance December 31, 2024 | 90,613 | 124,535 (Dec 31, 2023) | | Bought deal offering | 88,347 | — | | Private placements | — | 122,750 | | Share issue costs | (5,586) | (1,085) | | Flow-through share premium | (7,203) | (20,000) | | Share-based payments | 14,708 | 6,126 | | Loss for the period | (74,281) | (62,403) | | Balance June 30, 2025 | 112,616 | 170,122 | [Condensed Interim Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) Cash and cash equivalents decreased by $2,489 thousand, driven by increased investing in mineral property, partially offset by financing proceeds Consolidated Statements of Cash Flows Summary | Metric | 6M 2025 (CAD thousands) | 6M 2024 (CAD thousands) | | :--------------------------------------- | :------------------ | :------------------ | | Net cash used in operating activities | (38,699) | (45,163) | | Net cash used in investing activities | (111,619) | (11,855) | | Additions to mineral property, plant and equipment | (93,412) | (2,059) | | Net cash provided by financing activities | 148,242 | 93,612 | | Proceeds from Gold Stream | 68,217 | — | | Proceeds from bought deal financing | 88,347 | — | | Proceeds from private placements | — | 122,750 | | Change in cash and cash equivalents during the period | (2,489) | 36,126 | | Cash and cash equivalents, end of the period | 94,452 | 127,261 | [Notes to the Condensed Interim Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed interim consolidated financial statements [1. Nature of Operations](index=6&type=section&id=1.%20Nature%20of%20Operations) Skeena Resources Limited is a development-stage mining company focused on the Eskay Creek project, funded by a Project Financing Package until 2027 - Skeena Resources Limited is a mining company focused on the development and construction of the Eskay Creek project in British Columbia[6](index=6&type=chunk) - The Company secured a Project Financing Package with Orion Resource Partners on June 24, 2024, comprising private placements, a Gold Stream, and a Senior Secured Term Loan facility[7](index=7&type=chunk) - Management anticipates the Project Financing Package will fund capital requirements until commercial production at Eskay, expected in **2027**[8](index=8&type=chunk) [2. Basis of Presentation](index=6&type=section&id=2.%20Basis%20of%20Presentation) Interim consolidated financial statements are prepared under IAS 34, consistent with annual policies, on a historical cost basis, and expressed in Canadian thousands - Interim consolidated financial statements are prepared in accordance with IAS 34, Interim Financial Reporting[9](index=9&type=chunk) - Accounting policies are consistent with the audited annual consolidated financial statements as of December 31, 2024[10](index=10&type=chunk) - Statements are prepared on a historical cost basis, with certain financial instruments at fair value, and presented in thousands of Canadian dollars[11](index=11&type=chunk) [3. New Standards, Amendments and Interpretations](index=7&type=section&id=3.%20New%20Standards%2C%20Amendments%20and%20Interpretations) IFRS 18, replacing IAS 1, introduces a new income statement structure and disclosure

Core Viewpoint - Skeena Resources Limited has filed an early warning report regarding its shareholdings in TDG Gold Corp following a significant acquisition of shares as part of a broader financing and acquisition strategy [1][2][3]. Group 1: Share Acquisition Details - On July 14, 2025, Skeena acquired 6,666,667 shares of TDG for a total of C$4,000,000, equating to C$0.60 per share [2]. - The acquisition was part of a larger "bought deal" financing where TDG issued a total of 38,310,000 shares, including non-flow-through and charity flow-through shares [3]. - Following the acquisition, Skeena's ownership increased from 23,000,000 shares (approximately 12.78% of TDG) to 29,666,667 shares (approximately 10.88% of TDG) [5]. Group 2: Acquisition Context - Concurrently with the share purchase, TDG completed the acquisition of Anyox Copper Ltd, exchanging 54,559,565 shares for all outstanding common shares of Anyox [4]. - The transactions, including the share purchase and the acquisition of Anyox, are part of Skeena's investment strategy in TDG [6]. Group 3: Company Background - Skeena Resources is focused on advancing the Eskay Creek Gold-Silver Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally [8]. - The company emphasizes sustainable mining practices and aims to foster positive relationships with Indigenous communities while delivering long-term value [8].

Core Points - Skeena Resources Limited held its Annual General Meeting of Shareholders on June 23, 2025, in Vancouver, where shareholders approved the re-election of all existing Directors and the election of Mr. Hansjoerg Plaggemars to the Board [1] - A total of 82,703,300 shares were voted, representing 72.2% of the common shares issued and outstanding [2] - The voting results showed high approval rates for the re-elected Directors, with Walter Coles receiving 99.48% and Randy Reichert 99.97% of votes in favor [3] Voting Results - Walter Coles received 70,962,376 votes, equating to 99.48% approval [3] - Randy Reichert received 71,307,252 votes, equating to 99.97% approval [3] - Craig Parry received 62,720,699 votes, equating to 87.93% approval [3] - Suki Gill received 68,105,501 votes, equating to 95.48% approval [3] - Greg Beard received 66,624,648 votes, equating to 93.40% approval [3] - Nathalie Sajous received 70,813,332 votes, equating to 99.28% approval [3] - Hansjoerg Plaggemars received 43,963,895 votes, equating to 61.63% approval [3] Company Overview - Skeena is focused on advancing the Eskay Creek Gold-Silver Project, which is expected to be one of the highest-grade and lowest-cost open-pit precious metals mines globally [5] - The company emphasizes sustainable mining practices and aims to maximize its mineral resources while fostering positive relationships with Indigenous communities [5]